China Trade Surplus Beats Estimates in November
China's trade surplus narrowed to USD 40.21 billion in November 2017 from USD 44.24 billion in the same month a year earlier but above market consensus of USD 35.0 billion. Exports rose 12.3 percent year-on-year to USD 217.37 billion, the most since March; while imports jumped 17.7 percent to USD 177.11 billion.
12/8/2017 8:09:28 AM
In November, exports rose 12.3 percent from the previous year to USD 217.37 billion, beating market estimates of a 5.0 percent gain and following a 6.9 percent growth in the previous month. It was the fastest increase in outbound shipments in eight months, due to robust global demand.
Imports jumped 17.7 percent year-on-year to USD 177.11 billion, faster than a 17.2 percent rise in a month earlier and above market expectations of a 11.3 percent growth. It marked the 13th straight month of annual growth in inbound shipments and the strongest since September, supported by higher demand on commodities. In order to boost puchases as the country turns to a more consumption-driven basis, policymakers announced tariff cuts recently. Meantime, state energy companies also increased purchases months ahead of the heating season that started mid-November. Crude oil imports rose to 37.04 million tonnes in November, or 9.01 million barrels per day, the second-largest in history. Also, imports of natural gas shipments jumped to a record high as purchases went up up in all areas.
Considering January to November 2017, the trade surplus came in at USD 380.24 billion, down from a USD 471.67 billion surplus in the same period the preceding year.
In yuan-denominated terms, exports increased by 10.3 percent from a year earlier in November, following a 6.1 percent rise in Octoberber. Purchases rose 15.6 percent, after a 15.9 percent in the prior month.